ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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One kilogram of oranges.
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$5.
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One kilogram of apples.
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$5 and one kilogram of oranges.
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Detailed explanation-1: -The price of a kilogram of apples is the same as the price of a kilogram of oranges: both cost $5. You are hesitating between buying the apples or the oranges but finally decide to go for the apples. What is your opportunity cost? One kilogram of oranges.
Detailed explanation-2: -The three questions are? Does the event (headline ) affect Demand, Supply, or Both? Does the event (headline ) shift the graph to the right (increase) or Left (decrease)? Plus How will the market react to correct the disequilibrium?
Detailed explanation-3: -Demand refers to the willingness and ability of buyers, not just willingness. There is nothing wrong with the statement.
Detailed explanation-4: -In every market, there are both buyers and sellers. The buyers’ willingness to buy a particular good (at various prices) is referred to as the buyers’ demand for that good. The sellers’ willingness to supply a particular good (at various prices) is referred to as the sellers’ supply of that good.
Detailed explanation-5: -Economists use the term demand to refer to the amount of some good or service consumers are willing and able to purchase at each price. Demand is based on needs and wants-a consumer may be able to differentiate between a need and a want, but from an economist’s perspective they are the same thing.